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Xtract Resources plc (XTR)

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Friday 12 February, 2021

Xtract Resources plc

Bushranger Project Drilling Programme Update

RNS Number : 9944O
Xtract Resources plc
12 February 2021
 

 

For immediate release

12 February 2021

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Copper/ Gold Project Drilling Programme - Further Progress Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") provides information on further progress of the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger porphyry copper-gold exploration project located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia.

 

Highlights

 

· Hole BRDD-21-003, the third hole of the planned drilling programme, is currently at a depth of 310m, having entered the perimeter zone of the porphyry system at 290m.

· As with the earlier holes, minor sphalerite and increasing amounts of pyrite-pyrrhotite occur within the outer alteration zone.

· Core logging and sampling is progressing satisfactorily on the first two holes of the programme, with sample batches being dispatched to the assay laboratory for copper, gold and multi-element analysis.

 

Colin Bird, Executive Chairman said: "We are pleased that the third hole has entered the perimeter zone of the porphyry system, with first signs of mineralisation as predicted. We will report further on the hole when it is completed or if there is material change."

 

 

Drilling Summary

Hole BRDD-21-003, the third hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, aims to test the width and grade of the porphyry mineralisation higher in the deposit than the previous two holes in order to assist in defining the 3-dimensional shape and orientation of the porphyry system. The hole is being drilled at -60 degrees towards the north-northwest and is currently at a depth of 310m within mixed sediments exhibiting albite-biotite alteration, with increasing disseminated and vein-hosted sulphides in the form of sphalerite and pyrite-pyrrhotite.

 

Core logging and half-core sampling of the first two holes of the programme is continuing and analytical results will be reported when they are received and collated.

 

 

Further information is available from the Company's   website which details the Company's project portfolio as well as a copy of this announcement:  www.xtractresources.com

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse.   The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Director.

 

Enquiries :

 

Xtract Resources Plc

Colin Bird,

Executive Chairman

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker  

 

Jon Belliss

Colin Rowbury 

 

+44 (0) 207 399 9427

www.novumsecurities.com  

 

 

Qualified Person:

Information in this announcement relating to the exploration works has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Xtract. Mr Slowey is a graduate geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules.  Mr Slowey has reviewed and approved the geological content of this announcement.

 

Qualified Person:

In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Xtract Resources plc, with more than 40 years' experience mainly in hard rock mining, is the qualified person as defined in the Guidance Note of the London Stock Exchange, who has reviewed the technical information contained in this press release.

 

TECHNICAL GLOSSARY

The following is a summary of technical terms:

 

" albite"

A plagioclase felspar mineral with less than 10% anorthite content



"alteration zone"

 

A zone exhibiting change in mineralogical composition of a rock commonly brought about by reactions with hydrothermal solutions

"Au"

Gold

 

"biotite"

A brown-coloured iron rich mica

"chalcopyrite"

A copper-iron sulphide mineral, CuFeS2, often found in copper ores



"Cu"

Copper

 

"disseminated"

Mineralization distributed throughout a rock



"exploration"

Method by which ore deposits are evaluated

 

 

"mineralisation"

Process of formation and concentration of elements and their chemical compounds within a mass or body of rock





"porphyry"

A deposit of disseminated copper minerals in or around a large body of intrusive rock

 

"sphalerite"

Zinc sulphide mineral, ZnS





ENDS

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